Dubai-based property developer Meraas Investment Co has launched a Dh350 billion ($95.29 billion) project to redevelop a huge swath of land near the coast in Dubai, the company said.

The project, to be called Jumeirah Gardens, will be 'an integrated city within a city,' to be built over 12 years, Meraas Development, a Dubai government firm, said at the opening of Cityscape.

A mixed-use development, Jumeirah Gardens, will stretch north of Sheikh Zayed Road, Dubai's main thoroughfare linking it to the oil-rich emirate and UAE capital of Abu Dhabi, 150 kilometres to the south covering a 10-kilometre stretch of land in Dubai's older districts.

Meraas Development said that Jumeirah Gardens will comprise business, residential and leisure facilities linked by a transportation network and including some of the city's biggest towers, and with a large canal running through the development.

The announcement comes a day after Dubai developers Nakheel said it planned to build a tower which could stand one kilometre tall, beating the city's own world record.